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  3. big company owns 100 percent of the outstanding sh

Big Company owns 100 percent of the outstanding shares of Little. During the current year,...

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Accounting

Big Company owns 100 percent of the outstanding shares of Little. During the current year, Big sold inventory costing $90,000 to Little for $100,000. Little has resold all of this merchandise to outside parties by the last day of the year. For the year, Big reported cost of goods sold of $600,000 and Little reported cost of goods sold of $500,000. What is the total amount reported on the consolidated income statement for cost of goods sold?

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